Link to article: https://www.aljazeera.com/economy/2021/2/3/nigerian-judge-issues-arrest-warrant-for-exxon-chief
In Abuja, the capital of Nigeria, a federal court signed a warrant for the arrest of Richard Laing, the managing director of Exxonmobil in Nigeria. This news comes originally from a statement by the Economic and Financial Crime Commission (EFCC) on Wednesday.
The warrant was signed after Laing refused three invitations to appear before investigators. Laing is suspected of fraud surrounding a project based on building pipelines to transport oil. The warrant was signed in an effort to convince him to come before the investigators. Now that a warrant has been signed, there will be consequences if Laing continues to refuse to cooperate with the investigation.
No charges have been filled; there is only an investigation currently being conducted. Further, Wilson Uwujaren, the spokesman for EFCC, told an outside news site that the investigation is centered around the company, and not Laing himself as the director. Exxon declined the chance to comment on the investigation, and no comment has been made by Laing at this time.
Nigeria suspended the (former) head of the EFCC last year after he was accused of diverting reclaimed funds into corruption by the attorney general. Nigeria is infamous for fraud, both within the government and throughout companies. It is possible that both Exxonmobil and Laing are not cooperating with the investigation because they do not trust the EFCC.
Outside of the investigation, Exxonmobil has been experiencing losses globally while the demand for oil is down during recessions caused by the Covid-19 pandemic, although this problem is not unique to Nigeria.
Nigeria is important geopolitically because it is the largest oil producer in Africa. Oil exportation accounts for 90 percent of all exports by Nigeria, and therefore has a large effect on the country’s economy. It is possible that Laing is planning to build the pipeline in an attempt to stimulate the oil market, although it is unclear if the pipeline plan is honest or not.